Singapore Stock Market News

Market Commentary: US stocks rise over a possible new spending bill

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Publish date: Thu, 23 Jul 2020, 03:51 PM
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·           Stocks got a boost on reports that Republicans are considering extending current unemployment benefits at US$400 per month through December.
·           The Dow gained 165.44 points, or 0.62% to close at 27,005.84. The S&P 500 climbed 0.57% to 3,276.02. The Nasdaq Composite advanced 0.24% to 10.706.13.
·           American diplomats in Wuhan are preparing to leave after China vowed to retaliate for the forced closure of its consulate in Houston. The State Department said it shuttered the Houston mission to protect US IP and private information, and Senator Marco Rubio called it a massive spy centre.
·           Second quarter earnings season continues, with 75 constituents of the S&P 500 having posted results. Of those, 77.3% have beaten consensus, according to Refinitiv data.
·           But expectations have set a low bar. Analysts now see aggregate S&P 500 second quarter earnings plunging by 41.2% year-on-year, per Refinitiv.
·           US home sales increased by the most on record in June, boosted by historically low mortgage rates, but the outlook for the housing market is being clouded by low inventory and high unemployment amid the Covid-19 pandemic.
·           On the virus front, the world topped 15 million infections, and California surpassed New York as the state with the most confirmed cases. The US sealed a pact for an initial 100 million doses of a vaccine Pfizer is developing with BioNTech, sending both higher. Hong Kong and Japan hit new highs in cases, as did Australia.    
·           European stocks closed lower on Wednesday as concerns over the coronavirus outweighed optimism over the European Union's recovery fund.
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